My family sacrificed for me. And now I have a plan to unlock opportunity for others

My grandfather was born in South Carolina in 1921 and was forced out of school in the third grade because there was no need for an "educated Black boy." 

He never learned to read or write, but he had a photographic memory and a spirit of resilience. When I was young, he told me, "You can be a victim, or you can be victorious – but you cannot be both." 

Growing up in poverty and being raised by a single mother has given me a profound appreciation for those who paved the way so that I could be where I am today. 

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During the times of segregation, my mother could not drink from a water fountain, stay in a hotel or swim in a public pool with a White person. 

As I think about Black History Month, I cannot help but think about how I have benefited from my family’s sacrifices – and I know I am not the only one. 

Their strength and tenacity paved the way for me to persevere in my life. 

As the longest-serving Black senator in U.S. history and the chairman of the Senate Banking Committee, I have seen firsthand that poverty does not discriminate. Sadly, people from all different races and walks of life struggle to afford basic necessities like food and shelter. It’s our responsibility to keep lifting these folks up – no matter their background, their family history or where they live. 

I have developed a plan – built around three legislative proposals of mine – to empower underserved communities like the one I grew up in. By boosting affordable housing, growing small businesses and bolstering my Opportunity Zones initiative, a tool for encouraging investment in distressed areas of the United States, we can positively impact the lives of hundreds of millions of Americans. 

Housing has long been a cornerstone of wealth-building in America. Yet today, too many families, especially in low-income and working-class communities struggle to access it. 

While the national average for homeownership is 65.7%, we need to close the homeownership gap between low- and high-income households. In 2023, just 47% of households in the lowest-income group were homeowners, compared to 81% in the highest-income group. 

This gap directly results from outdated policies and a housing market that has become increasingly unaffordable to the very people who need it most. 

My legislation, the "ROAD to Housing Act," will tear down outdated barriers and unlock billions to make homeownership affordable again. 

As the longest-serving Black senator in U.S. history and the chairman of the Senate Banking Committee, I have seen firsthand that poverty does not discriminate. 

We must expand access to small-dollar mortgages, redefine manufactured housing and modernize public housing. When families own their homes instead of renting them, they build generational wealth and close the wealth gap. We must ensure this opportunity is available to everyone. 

Another tool for economic mobility is entrepreneurship. 

I know this firsthand. 

When I was starting my small business, I went to a bank and looked for an opportunity to get a loan. My best asset then was a 1990, 10-year-old car with 253,000 miles. One would not consider that an asset, perhaps a liability, but it was my only means of transportation. 

In those days, people could get a character loan, and because of that loan, my financial life changed, and my American Dream became a reality. 

Had I not gotten that loan, I might not be where I am today. 

Unfortunately, others have not had the same blessing. 

Expanding capital access and reducing regulatory burdens on community banks, which are critical to supporting local and small businesses, will empower first-time and non-traditional entrepreneurs. 

My legislation, the "Empowering Main Street in America Act," aims to enhance capital access for a wider spectrum of entrepreneurs, particularly those in underserved communities, including rural/non-metropolitan areas. 

My bill has strong support from my fellow Republicans on the Senate Banking Committee because it seeks to streamline regulations for small and newly public businesses that are looking to grow while also fostering new investment avenues for Americans eager to do business locally. 

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I believe that when businesses flourish, entire communities prosper. Access to capital should not be reserved for the privileged few. 

Financial inclusion means ensuring that people who pay their bills responsibly have this reflected on their credit scores, making it easier for them to obtain a loan or take out a mortgage. My legislative efforts have pushed for common-sense reforms because the process of determining a person’s creditworthiness is outdated and not holistic. 

As I think about Black History Month, I cannot help but think about how I have benefited from my family’s sacrifices – and I know I am not the only one. 

When we find the right opportunities, better things will come. 

Through my Opportunity Zones initiative, we have unlocked nearly $85 billion in investments for distressed communities. This program successfully encourages long-term, sustainable growth in disadvantaged communities without gentrifying them or displacing the people it aims to help. By renewing the "Tax Cuts and Jobs Act" and the Opportunity Zones initiative, we will ensure that we continue to drive investments into areas that need them most. 

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The celebration of Black history should not be limited to a single month; it is deeply rooted in our country’s past, and we should cherish it every day. 

The forgotten men and women of this country gave President Donald Trump a mandate. It’s our moment to fight for them and look out for low-income and working-class communities across this country. 

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